Toronto-Dominion Bank (TD) Position Boosted by Letko Brosseau & Associates Inc.
Letko Brosseau & Associates Inc. boosted its holdings in shares of Toronto-Dominion Bank (NYSE:TD) (TSE:TD) by 0.5% during the 1st quarter, HoldingsChannel reports. The fund owned 6,811,546 shares of the bank’s stock after purchasing an additional 34,796 shares during the period. Toronto-Dominion Bank comprises approximately 3.7% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 7th biggest position. Letko Brosseau & Associates Inc.’s holdings in Toronto-Dominion Bank were worth $369,754,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Capital Investment Advisory Services LLC acquired a new position in Toronto-Dominion Bank during the fourth quarter valued at approximately $27,000. Citizens Financial Group Inc RI acquired a new position in Toronto-Dominion Bank during the first quarter valued at approximately $28,000. Financial Gravity Wealth Inc. acquired a new position in Toronto-Dominion Bank during the first quarter valued at approximately $29,000. Farmers National Bank acquired a new position in Toronto-Dominion Bank during the first quarter valued at approximately $33,000. Finally, Country Trust Bank acquired a new position in Toronto-Dominion Bank during the fourth quarter valued at approximately $35,000. 48.36% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have commented on TD. Zacks Investment Research downgraded Toronto-Dominion Bank from a “hold” rating to a “sell” rating in a report on Wednesday, April 24th. Barclays reiterated a “hold” rating on shares of Toronto-Dominion Bank in a report on Friday, May 17th. BMO Capital Markets reiterated a “buy” rating on shares of Toronto-Dominion Bank in a report on Friday, May 24th. Canaccord Genuity reiterated a “buy” rating on shares of Toronto-Dominion Bank in a report on Thursday, May 23rd. Finally, National Bank Financial downgraded Toronto-Dominion Bank from an “outperform” rating to a “sector perform” rating in a report on Thursday, May 23rd. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $60.00.
Toronto-Dominion Bank (NYSE:TD) (TSE:TD) last announced its quarterly earnings results on Thursday, May 23rd. The bank reported $1.75 EPS for the quarter, beating the consensus estimate of $1.25 by $0.50. The company had revenue of $10.23 billion for the quarter, compared to the consensus estimate of $9.46 billion. Toronto-Dominion Bank had a return on equity of 16.21% and a net margin of 20.24%. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.62 earnings per share. As a group, equities analysts expect that Toronto-Dominion Bank will post 5.02 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Wednesday, July 10th will be paid a $0.5511 dividend. The ex-dividend date is Tuesday, July 9th. This represents a $2.20 annualized dividend and a dividend yield of 3.95%. Toronto-Dominion Bank’s payout ratio is 44.14%.
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About Toronto-Dominion Bank
The Toronto-Dominion Bank, together with its subsidiaries, provides various personal and commercial banking products and services in Canada and the United States. The company operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking. It offers personal deposits, such as checking, savings, and investment products; financing, investment, cash management, international trade, and day-to-day banking services to businesses; financing options to customers at point of sale for automotive and recreational vehicle purchases through auto dealer network; credit cards; investing, advice-based, and asset management services to retail and institutional clients; and property and casualty insurance, as well as life and health insurance products.
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